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Tri-Star eliminates debt

By BFN News | 07:14 AM | Wednesday 13 September, 2017

Tri-Star eliminated debt and derivative balances (31 December 2016: £11,398,000) in the six months ended 30 June 2017.
FINANCIAL HIGHLIGHTS:
- Expenses down 14% to £410,000 (30 June 2016: £478,000)
- Net assets of £2,161,000 (31 December 2016: net liabilities of £9,504,000)
OPERATIONAL HIGHLIGHTS:
- Commencement of construction of Oman Antimony Roaster (OAR) in Oman
- Strategic & Precious Metals Processing (SPMP) signed multi-year agreement to supply antimony and antimony gold concentrates to the OAR
- SPMP achieved process design freeze for overall project and formally approved an increase in the capital budget for the construction of OAR to $96m
- Test-work has been completed for process issues and initial independent test reports have confirmed good recoveries of antimony and gold from the test process
BUSINESS REVIEW
The period under review has proved transformational for the company.
In June 2017 Tri-Star enacted a debt for equity swap with the owners of its Convertible Secured Loan Notes and following this landmark transaction funds under the management of Odey Asset Management have become owners of 54% of the company's ordinary shares.
As a consequence of the transaction, the company's debt and related derivative balances have been extinguished, leaving the company with net assets of £2.2 million as at 30 June 2017 (31 December 2017: net liabilities £9.5 million).
Under IFRS, the company has been required to book a resultant loss of £3.6m in connection with the transaction.
This loss and how it is derived is explained in detail in the accompanying notes to the interim financial statements.
At the same time as implementing the debt for equity swap with the Odey Funds Tri-Star successfully raised £1.3m, before expenses, for general corporate purposes which has put the company on a stable financial footing. As at 31 August 2017 Tri-Star held £1m in cash.
Business activity during the first half has been focussed on the continued development of the Oman Antimony Roaster Project (OAR).
The OAR is being developed by Strategic & Precious Metals Processing (SPMP), an Omani company.
The OAR is being built by SPMP in Sohar, Oman. Tri-Star has a 40% interest in SPMP.
Story provided by StockMarketWire.com

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